,,ii #aag? ,,congress #a/ ,session ,s4 #cbg ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,febru>y #ab1 #bjba,mr4 ,kelly 7= himself & ,mr4 ,cornyn7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to direct ! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration to e/abli% a bord] closure recov]y loan program = small bus9esses locat$ ne> ! ,unit$ ,/ates bord]1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,bord] ,bus9ess ,,covid-#ai ,rescue ,act4 #b4 ,bord] closure recov]y loan 7a7 ,def9itions ,9 ?is section3 7#a7 ,adm9i/rator ,! t]m ,adm9i/rator means ! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration4 7#b7 ,bord] bus9ess ,! t]m bord] bus9ess means an entity eligible = a loan "u section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b77 t-- 7,a7 has its pr9cipal (fice locat$ 9 ! contigu\s ,unit$ ,/ates2 7,b7 has-- 7i7 e/imat$ or actual annual av]age gross receipts less ?an or equal to #a1jjj1jjj2 & 7ii7 few] ?an #ej employees2 7,c7 7i7 except z provid$ 9 clauses 7ii71 7iii71 & 7iv71 _h gross receipts dur+ ! fir/1 second1 ?ird1 or f\r? qu>t] 9 #bjbj t demon/rate a r$uction f ! gross receipts ( ! entity dur+ ! same qu>t] 9 #bjai2 7ii7 if ! entity 0 n 9 bus9ess dur+ ! fir/ or second qu>t] ( #bjai1 b 0 9 bus9ess dur+ ! ?ird & f\r? qu>t] ( #bjai1 _h gross receipts dur+ ! fir/1 second1 ?ird1 or f\r? qu>t] ( #bjbj t demon/rate a r$uction f ! gross receipts ( ! entity dur+ ! ?ird or f\r? qu>t] ( #bjai2 7iii7 if ! entity 0 n 9 bus9ess dur+ ! fir/1 second1 or ?ird qu>t] ( #bjai1 b 0 9 bus9ess dur+ ! f\r? qu>t] ( #bjai1 _h gross receipts dur+ ! fir/1 second1 ?ird1 or f\r? qu>t] ( #bjbj t demon/rate a r$uction f ! gross receipts ( ! entity dur+ ! f\r? qu>t] ( #bjai2 or 7iv7 if ! entity 0 n 9 bus9ess dur+ #bjai1 b 0 9 op]ation on ,febru>y #ae1 #bjbj1 _h gross receipts dur+ ! second1 ?ird1 or f\r? qu>t] ( #bjbj t demon/rate a r$uction f ! gross receipts ( ! entity dur+ ! fir/ qu>t] ( #bjbj2 & 7,d7 is locat$ )9 #be miles ( ! ,unit$ ,/ates bord]4 7b7 ,bord] closure recov]y loan program 7#a7 ,9 g5]al ,! ,adm9i/rator %all e/abli% a program "u :i* ! ,adm9i/rator %all make loans to bord] bus9esses directly impact$ by ! ,,covid-#ai p&emic4 7#b7 ,application ,a bord] bus9ess desir+ a loan "u ?is subsection %all submit to ! ,adm9i/rator an application at su* "t1 9 su* place1 & conta9+ su* in=mation z ! ,adm9i/rator det]m9es necess>y4 7#c7 ,t]ms 7,a7 ,am\nt2 ,int]e/ rate ,a loan made "u ?is subsection %all-- 7i7 be 9 an am\nt ( n m ?an #ejj1jjj2 & 7ii7 h an int]e/ rate ( n m ?an #b p]c5t4 7,b7 ,prohibit$ requirem5ts ,) respect to a loan made "u ?is subsection1 ! ,adm9i/rator %all n e/abli%-- 7i7 any rules relat$ to a p]sonal gu>antee = loans ( less ?an #bjj1jjj2 or 7ii7 any requirem5t t an applicant exhau/ o!r loan options be=e apply+ = a loan "u ?is subsection4 7#d7 ,use ( funds ,a bord] bus9ess t receives a loan "u ?is subsection-- 7,a7 %all use ! loan proce$s = any all[able purpose = a loan made "u section #g7;b77#b7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;b77#b771 includ+-- 7i7 provid+ paid sick leave to employees unable to "w due to ! direct effect ( ,,covid-#ai2 7ii7 ma9ta9+ payroll to reta9 employees dur+ bus9ess disruptions or sub/antial sl[d[ns2 7iii7 meet+ increas$ co/s to obta9 mat]ials unavailable f ! orig9al s\rce ( ! bord] bus9ess due to int]rupt$ supply *a9s2 7iv7 mak+ r5t or regul> mortgage paym5ts2 7v7 repay+ obligations t _c be met due to rev5ue losses2 7vi7 to pay = logi/ical exp5ses associat$ ) bord] closures due to ! ,,covid-#ai p&emic2 & 7vii7 to pay = improvem5ts relat$ to comply+ ) public heal? guidel9es1 includ+ p]sonal protective equipm5t1 signage1 tempor>y b>ri]s1 & space heat]s2 & 7,b7 may n use ! loan proce$s-- 7i7 to pur*ase real e/ate2 7ii7 = paym5ts ( int]e/ or pr9cipal on any loan orig9at$ aft] ,febru>y #ae1 #bjbj2 7iii7 to inve/ or re-l5d funds2 7iv7 = ! prepaym5t ( any mortgage or o!r debt obligation2 7v7 = any contribution or exp5diture to1 or on behalf (1 any political p>ty1 p>ty committee1 or c&idate = elective (fice2 or 7vi7 = any o!r use z ! ,adm9i/rator may prohibit4 7c7 ,approval & ability ,to repay ,) respect to a loan made "u subsection 7b71 ! ,adm9i/rator may-- 7#a7 approve an applicant-- 7,a7 bas$ solely on ! cr$it score ( ! applicant2 or 7,b7 by us+ alt]native appropriate me?ods to det]m9e an applicant's ability to repay2 & 7#b7 use in=mation f ! ,dep>tm5t ( ! ,treasury to confirm t-- 7,a7 an applicant is eligible to receive ! loan2 or 7,b7 ! in=mation conta9$ 9 an application = ! loan is accurate4 7d7 ,repaym5t ,! ,adm9i/rator %all e/abli% ! repaym5t t]ms ) respect to ea* loan made "u subsection 7b71 except t-- 7#a7 repaym5t %all n beg9 be=e ! date t is #a ye> aft] ! date on :i* ! loan is made2 7#b7 ! ,adm9i/rator %all e/abli% a process by :i* a bord] bus9ess t cont9ues to exp]i5ce a r$uction 9 gross receipts foll[+ receipt ( ! loan c apply to delay ! repaym5t ( ! loan = a p]iod ( n m ?an #d ye>s2 & 7#c7 ! loan %all n accrue int]e/ dur+ ! p]iod 9 :i* repaym5t ( ! loan is def]r$4 7e7 ,loan advance 7#a7 ,9 g5]al ,a bord] bus9ess t applies = a loan "u subsection 7b7 may reque/ t ! ,adm9i/rator provide an advance 9 ! am\nt reque/$ by ! applicant to ! applicant n lat] ?an #ae bus9ess days aft] ! date on :i* ! ,adm9i/rator receives ! reque/4 7#b7 ,am\nt ,! am\nt ( an advance provid$ "u ?is subsection %all be n less ?an #aj1jjj4 7#c7 ,v]ification ,be=e disburs+ am\nts "u ?is subsection1 ! ,adm9i/rator %all1 n lat] ?an #ae bus9ess days aft] ! date on :i* ! ,adm9i/rator receives ! reque/ = an advance by an applicant "u ?is subsection-- 7,a7 p]=m ! v]ification requir$ "u subsection 7c72 7,b7 if ! ,adm9i/rator v]ifies t ! applicant is eligible = an advance "u subsection 7c71 provide to ! applicant ) a paym5t 9 ! am\nt describ$ 9 p>agraph 7#b72 & 7,c7 ) respect to an applicant t ! ,adm9i/rator det]m9es is n eligible = an advance "u ?is subsection1 provide ! applicant ) a notification expla9+ ! reasons = rea*+ t det]m9ation4 7#d7 ,use ( funds ,an advance provid$ "u ?is subsection may be us$ = any purpose describ$ 9 subsection 7b77#d74 7#e7 ,repaym5t ,an applicant %all n be requir$ to repay any am\nts ( an advance provid$ "u ?is subsection1 ev5 if ! applicant is subsequ5tly d5i$ a loan "u subsection 7b74 7f7 ,o!r b5efits ,receipt ( an advance "u subsection 7e7 or a loan "u subsection 7b7 %all n be con/ru$ z to prohibit receipt ( any o!r ,f$]al grant1 loan1 or aid4 7g7 ,taxability ,= purposes ( ! ,int]nal ,rev5ue ,code ( #aihf-- 7#a7 any advance describ$ 9 p>agraph 7e7 %all n be includ$ 9 ! gross income ( ! bord] bus9ess t receives ! advance2 7#b7 no d$uction %all be d5i$1 no tax attribute %all be r$uc$1 & no basis increase %all be d5i$1 by reason ( ! exclusion f gross income provid$ by p>agraph 7#a72 & 7#c7 9 ! case ( a p>tn]%ip or ,s corporation t receives an advance describ$ 9 subsection 7e7-- 7,a7 any am\nt exclud$ f income "u ?is subsection %all be treat$ z tax exempt income = purposes ( sections #gje & #acff ( ! ,int]nal ,rev5ue ,code ( #aihf1 & 7,b7 ! ,secret>y ( ! ,treasury 7or ! ,secret>y's delegate7 %all prescribe rules = det]m9+ a p>tn]'s di/ributive %>e ( any am\nt describ$ 9 subp>agraph 7,a7 = purposes ( section #gje ( ! ,int]nal ,rev5ue ,code ( #aihf4 7h7 ,outrea* 7#a7 ,9 g5]al ,9 c>ry+ out ! loan program "u ?is section1 ! ,adm9i/rator %all-- 7,a7 e/abli% an adv]tis+ & outrea* program 9 p>tn]%ip ) ,/ate & local gov]nm5ts1 community advocacy gr\ps1 *amb]s ( comm]ce1 & o!r ,/ate & local entities to help bord] bus9esses und]/& ! availability ( ! loan program & to promote p>ticipation 9 ! program by bord] bus9esses locat$ 9 economically depress$ areas2 & 7,b7 provide te*nical assi/ance to applicants1 includ+ in/ructions on h[ to p>ticipate 9 ! loan program1 assi/ance 9 prep>+ applications1 & assi/ance 9 apply+ = loan def]ral4 7#b7 ,language access ,! ,adm9i/rator %all ensure t outrea* & te*nical assi/ance activities describ$ 9 ?is subsection are made available by ! ,adm9i/ration to bord] bus9ess conc]ns 9 ! commonly spok5 languages1 o!r ?an ,engli%1 9 ! ,/ates ( ! ,unit$ ,/ates t bord] ! int]national b\nd>y ) ,canada or ,mexico1 :i* %all include ,spani% & ,fr5*4 7i7 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$ #ejj1jjj1jjj1 to rema9 available until ,decemb] #ca1 #bjba1 to c>ry out ! requirem5ts ( ?is ,act4